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IT, ITeS sectors to get Rs 2,000 crore investment from NRIs

Times of India | Posted By : |6 years ago |84 Views

Times of India

A Dubai-based consortium of NRIs from various countries around the world proposed to invest over Rs 2,000 crore in Kerala to set up IT/ITES enabled business parks and life spaces projects. The investments would primarily be through Foreign Direct Investment (FDI), Sebastian Joseph, chairman of the consortium, told reporters here.

The proposed 'Emerging Kerala' initiative of the state government here next month and its investment friendly policies have given the NRIs confidence to start their project in Kochi, he said.

The consortium is awaiting clearances from the concerned authorities and discussions are on with various government authorities and execution partners in this regard, he said. The project is expected to give 20,000 job opportunities.

Each Gates project will contain a Special Business Zone, a Centre for Excellence in Advanced Technology and Innovation, an International Financial Centre, an Education Zone and Hospiltality zones, comprising clubs, spas, Service apartments and NRI facilitation centre, he said.

This is perhaps first of its kind investment by NRIs in the country.

At least 350-500 NRIs are participating in each of the projects as a part of the consortium. After the Kerala project takes off, plans are to replicate the same model in other

major South Indian cities like Bangalore and Chennai, Joseph said.

The development is envisaged to be completely 'sustainable' and 'self sufficient'.

The focus is to collectively pool resources of individual consortium members to create an infrastructure that is conducive to and supporting of technology based firm.